Cambodia’s Central Bank Launches Hyperledger-based Payment System

The National Bank of Cambodia has officially launched a new payment system based on distributed ledger technology (DLT), according to Reuters.

The bank developed the system, which is based on Hyperledger Iroha, along with Japan-based blockchain firm Soramitsu as part of an initiative called Project Bakong.

At a conference earlier this year, Chea Serey, director-general of central banking at the National Bank of Cambodia, described the platform as a “payment backbone” as opposed to a central bank digital currency. She also described two goals for the project: to give Cambodia’s migrant workers a better way to send money home and to encourage more use of the local currency, the riel.

In Cambodia, more than 90% of the economy is based on the U.S. dollar.

To use the system, people will have to register with one of the participating institutions — around 20 banks in Cambodia have participated in the project — which entails submitting a government ID and a phone number.

Speaking Wednesday at an official launch event, Serey also said she hoped Bakong would “promote social welfare and also prevent the spread of disease through facilitating e-payment from person to person seamlessly without involving cash,” reports The Bangkok Post.

Bitcoin (BTC) $ 19,321.17 3.00%
Ethereum (ETH) $ 607.04 6.12%
XRP (XRP) $ 0.624304 10.08%
Tether (USDT) $ 1.00 0.09%
Litecoin (LTC) $ 85.03 5.96%
Bitcoin Cash (BCH) $ 292.24 4.19%
Chainlink (LINK) $ 13.37 3.60%
Cardano (ADA) $ 0.161909 7.41%
Polkadot (DOT) $ 5.20 4.71%
Binance Coin (BNB) $ 30.13 3.92%
S&P 500  ^GSPC 
$3,699.12  $32.40  (0.88%)
Dow Jones Industrial Average  ^DJI 
$30,218.26  $248.74  (0.83%)
NASDAQ Composite  ^IXIC 
$12,464.23  $87.05  (0.70%)
Russell 2000  ^RUT 
$1,892.45  $43.75  (2.37%)
Crude Oil Jan 21  F*CL.NYM 
$46.09  $0.4500  (0.99%)
$0.0000  $0.0000  (0.00%)